Crude oil prices fell for the first time in three days, as news of confirmed negotiations between Iran and the United States eased concerns over an immediate military conflict that could disrupt supplies. After rising 4.8% over the previous two trading sessions, West Texas Intermediate retreated, settling around $63 per barrel, while Brent crude dropped below $68. Iranian Foreign Minister Abbas Araghchi stated on social media that talks between the U.S. and Iran would take place on Friday in Oman. Losses in crude futures accelerated after U.S. private-sector employment data revived worries about an economic slowdown and potential weakening in oil demand. However, oil pared some losses after Saudi Arabia reduced the official selling price of its key crude grade for Asian buyers to the lowest level in years. The price cut was smaller than many in the industry had anticipated, which was seen as a signal that Saudi Arabia remains confident in oil demand. "We do see a degree of oversupply at the moment, but I think that's balanced by the high level of uncertainty stemming from geopolitical challenges," Shell CEO Wael Sawan said in an interview. "That uncertainty and volatility bring a premium." Traders are also closely monitoring this week's Ukraine peace talks. Ukrainian President Volodymyr Zelenskiy stated that the negotiations would be influenced by Russian attacks on Ukrainian energy infrastructure and called for more weapons from the United States. March WTI crude fell 2.8% in New York trading, settling at $63.29 per barrel. April Brent crude declined 2.8% to $67.55 per barrel.